Issuances
BBVA issues $1 billion CoCo bond, with demand exceeding by almost eight times the initial offer
BBVA issued a $1 billion contingent convertible bond (CoCos), with demand exceeding by almost eight times the initial offer ($7.8 billion) and more than 410 orders from investors. High demand for the issuance allowed it to close at a very attractive price, with a coupon of 6.5 percent in dollars (0.50 basis points below the initial price of 7 percent), which is equivalent to a 4-percent coupon in euros.